Entrepreneurship is all about undying optimism. Founders are known for being crazily in love with their ideas even when the world is falling apart.
This week’s Outliers Podcast is with Amit Somani of Prime Venture Partners. Amit has never been an entrepreneur himself, but over the years, he has worked closely with some of the best founders including at MakemyTrip. In that sense, he’s as entrepreneurial as anyone.
In this conversation you will learn about how to be watchful about different biases while making decisions or navigating a crisis. He talks about one of such techniques called “Invert, always Invert” from Charlie Munger, co-founder of Berkshire Hathaway.
“Oftentimes we do a root-cause analysis after something has gone bad or a post-mortem. Instead, do a pre-mortem. Imagine it’s a year from now, April 2021 and your company is “Dead” or has not survived the downturn. If we imagine it, there’ll be a few things and that will be very unique to your business,” says Amit.
“Now just don’t do anything brilliant. Just do the most common sensical thing of working on those things which are the likely reasons why you might fail a year from now. That’s a pre-mortem. It’s a very-very simple exercise,” he says.
Please do tune in.